The Michigan Economic Development Corporation today announced Michigan Strategic Fund approval of state incentives for six community redevelopment projects
LANSING, Mich. – The Michigan Economic Development Corporation today announced Michigan Strategic Fund approval of state incentives for six community redevelopment projects that are projected to total more than $82.2 million in private investment and 213 new, direct jobs in Michigan. In addition, the board approved a 2013 Early Stage Funding Request for Proposals to solicit applications from nonprofit organizations that provide financial support to university research or pre-seed and startup competitive edge technologies.
“Today’s Strategic Fund actions will mean new investments in university programs and startup companies to commercialize their products and community revitalization projects around Michigan,” said Governor Rick Snyder. “This will promote greater economic opportunities for our businesses and citizens. These new investments in our state will strengthen our communities,accelerate the growth of innovative technology startupsand fuel new opportunities for our talented workforce.”
The MSF-approved projects include one in Detroit, another two in the Flint-Saginaw area, and three in West Michigan.
COMMUNITY REVITALIZATION PROGRAM:
Kirco CH Distribution, LLC has been awarded a $1 million Michigan Community Revitalization Program incentive fortheCardinal Health Inc. Redevelopment Project in the City of Detroit. The project includesthe demolition of all of the existing structures on approximately 23 acres and redevelopment of the area with a newly constructed 275,951 square foot medical distribution facility for Cardinal Health. The project will generate a total capital investment of approximately $29.9 million, create 31 full-time positions and retain 109 existing jobs. The City of Detroit is offering support to the project in the form of a 12-year Obsolete Property Rehabilitation tax abatement.
In addition, MSF approved an Act 381 Brownfield work plan submitted by the City of Detroit Brownfield Redevelopment Authority for school and local tax capture valued at $4,761,155 to assist with demolition, site preparation and infrastructure improvements for the project.
URC FJ, LLC, a subsidiary of the Uptown Reinvestment Corporation, has been awarded a $5,649,071 Michigan Community Revitalization Program incentive to redevelop four city blocks in downtown Flint to create an emerging health and wellness district. The project will consist of three main projects: the renovation of the former Flint Journal’s headquarters to make way for Michigan State University’s Flint Public Health & Medical Campus project; the relocation of the 70-plus vendor Flint Farmers Market to the vacant Flint Journal printing facility; and the demolition of the Genesee Towers property to make way for an urban plaza. The Flint Journal headquarters renovation will also include 16 loft style apartments and office space, and the Farmers Market will include a commercial community kitchen. The project will generate a total capital investment of $29.8 million and create 75 full-time jobs. The City of Flint will support the project through a Community Development Block Grant totaling $880,000 and the approval of an Obsolete Property Rehabilitation Certificate.
COMMUNITY DEVELOPMENT BLOCK GRANT PROGRAM:
The Village of Cassopolis has been awarded $400,000 in CDBG funds for on-the-job training for the Postle Operating, LLC expansion project in Cassopolis. Postle Operating, a producer of extruded aluminum products for recreational vehicles, is investing more than $12.6 million in the project, which will expand the company’s production capabilities and create up to 40 new full-time jobs over the next two years. The company has agreed that at least 21 of the jobs will be held by low to moderate income persons.
The City of Frankenmuth has been awarded $249,975 in CDBG funds for infrastructure improvements for the Kremin, Inc. construction project in Frankenmuth. The new manufacturing facility will allow the company to add additional machinery and create up to 25 jobs over the next two years. The company has agreed that at least 13 of the positions will be held by low to moderate income persons. The City of Frankenmuth will contribute $583,345 to the project.
BROWNFIELD WORK PLANS:
600 Douglas, LLC Project – The City of Grand Rapids Brownfield Redevelopment Authority will use school and local tax capture valued at $432,340 to demolish two buildings located at 600 Douglas Street in the City of Grand Rapids and construct four multi-story residential buildings consisting of 18 units. The project will include infrastructure improvements, asbestos abatement, relocation of electrical lines and landscaping. The project is expected to generate a total capital investment of $2.4 million.
Riverside Senior Care Project – The City of Grand Rapids Brownfield Redevelopment Authority will use $1,058,399 in school and local tax capture to partially demolish a functionally obsolete former elementary school in the City of Grand Rapids. The project will include renovating the remainder of the building and constructing an addition. The completed building will serve as Riverside Senior Care, a licensed senior care facility for 55 residents. The development sits upon a seven-acre site and will maintain most of the existing walking paths and mature landscaping. The project is expected to generate a total capital investment of $7 million and create 42 full-time jobs.
EARLY STAGE FUNDING REQUEST FOR PROPOSALS:
The Michigan Strategic Fund and the Michigan Economic Development Corporation issued a Request for Proposals (RFP) to solicit proposals from nonprofit organizations that provide financial support to university research or pre-seed and startup competitive edge technologies that require capital to transition from the earliest stages of the commercialization process. The total funding available through the 2013 Early Stage Funding Program is $8,958,000. Additional information on the RFP will be available beginning June 27, 2013 at this link:
Proposals must be submitted to the MSF electronically to firstname.lastname@example.org by Wednesday, July 31, 2013 at 3 p.m. Proposals will not be accepted via U.S. mail or any other delivery method. Prospective applicants may submit questions regarding the RFP via email by Wednesday, July 17 at 3 p.m. to email@example.com. The MSF will not respond to questions that are not received by the above date and time. In addition, questions that are phoned, faxed or sent through regular mail will not be accepted. Responses to all qualifying questions will be posted on the MEDC’s website, www.MichiganBusiness.org. on July 24, 2013 at 5 p.m.
“Today’s investments will all lead to greater economic opportunities for people across Michigan,” said MEDC President and CEO Michael A. Finney. “These six projects offer strong evidence of Michigan’s improving economy and the success or our strategy to help Michigan companies grow here.”
Pure Michigan is a brand on the rise, representing business, talent and tourism initiatives across Michigan. These efforts are driven by the Michigan Economic Development Corporation, which serves as the state’s marketing arm and lead agency for business growth, jobs and opportunity with a focus on helping grow Michigan’s economy.
About Michigan Economic Development Corporation (MEDC)
The Michigan Economic Development Corporation is the state’s marketing arm and lead advocate for business development, job awareness and community development with the focus on growing Michigan’s economy. For more information on the MEDC and our initiatives, visit www.MichiganBusiness.org. For Pure Michigan® tourism information, your trip begins at www.michigan.org. Join the conversation on: Facebook Instagram LinkedIn, and Twitter.